India 9 November 2016: “This
is a path-breaking move by the Prime Minister Narendra Modi to
eradicate black money from the economy and mitigate the counterfeit
money problem, both of which will do good to the Indian economy over
time. Customers need not worry about their money at all, they have
sufficient time to exchange their old Rs. 500 & Rs. 1000
denomination notes. While they may face some inconvenience for the next
few days, their money in the bank remains absolutely safe. We are
working to ensure minimal inconvenience to customers until money supply
gets fully normalised. This move will usher in a cultural change in
payments as people will adopt digital banking faster. We should also
see a surge in activation of new bank account and debit and credit
cards usage.”